Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, whereby certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Union Baptist Church Pioneer Housing, Inc. has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Union Baptist Church Pioneer Housing, Inc. (Union Baptist) under programs of the federal government for the year ended July 31, 2022. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of Union Baptist, it is not intended to and does not present the financial position, changes in net assets or cash flows of Union Baptist.
Title: Federal Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, whereby certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Union Baptist Church Pioneer Housing, Inc. has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Union Baptist Church Pioneer Housing, Inc. provided no federal awards to subrecipients.
Title: HUD Insured Mortgage Balance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, whereby certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Union Baptist Church Pioneer Housing, Inc. has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Section 223(f) HUD-insured mortgage balance as of July 31, 2022 is $2,135,881.